Jayaswal Neco Industries Ltd(JAYNECOIND)

NSE: JAYNECOINDBSE: 522285

₹ 88.65-2.91%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 8,608 crWebsite: www.necoindia.comUpdated: 24 Oct 2026

About

Jayaswal Neco Industries Ltd is an integrated steel producer based in Raipur, Chhattisgarh, operating a 1 MTPA steel plant with captive iron ore mines, pellet, DRI, blast furnace, and rolling mill facilities. The Steel segment contributes 92.6% of FY26 revenue, with Iron and Steel Castings making up the balance. At ₹7,132 Cr in FY26 net sales, it is a mid-sized long-products steelmaker with full iron ore self-sufficiency through its captive Chhotedongar mines.^[1][2][3]

Business segments

Steel segment: 92.6% of FY26 revenue at ₹6,643.01 Cr, EBIT margin 15.7% - covers hot metal, pellets, DRI, and rolled long products from the integrated Raipur plant.^[1]
Iron and Steel Castings segment: 7.3% of FY26 revenue at ₹520.43 Cr, EBIT margin 2.0% - comprises Alloy Casting, Engineering Casting, Centricast, and Centrifugal Casting divisions.^[1][4]
Steel segment revenue share has grown 4.1 percentage points over FY2018 - FY2026, reflecting the integrated plant's ramp-up.^[1]

Operations and capacity

Integrated steel plant at Raipur with current installed steel capacity of 1 MnTPA; Blast Furnace was revamped in May - August 2024, raising hot metal throughput from 1,850 tpd to over 2,600 tpd.^[4][5]
Captive Chhotedongar Iron Ore Mine supplies 100% of the plant's iron ore requirement; mine produced a record 27,23,563 MT in FY26, up 32% over the previous best of 20,66,114 MT in FY25.^[2]
Captive power plant recorded highest-ever quarterly generation of 56.20 MW/hr in Q2 FY26; Sinter Plant hit highest quarterly output of 1,93,483 MT in Q2 FY26.^[5]
Pellet plant achieved a record campaign life of 433 days and produced 3,54,493 MT in Q3 FY26 (+25.6% YoY vs 2,82,290 MT in Q3 FY25).^[4]

Key operating volumes

Steel sales volume hit an all-time annual record of 7,23,744 MT in FY26, up 28% over the previous best of 5,67,365 MT set in FY24.^[2]
Blast Furnace hot metal production was 8,57,600 MT in FY26, up 50% from 5,70,712 MT in FY25 following the revamp completion.^[2]
Rolled product sales volume was 6,87,864 MT in FY26; rolling mills achieved a record quarterly output of 1,77,875 MT in Q3 FY26, surpassing the prior record of 1,72,182 MT set in Q2 FY26.^[2][4]
EBITDA was ₹1,341 Cr in FY26 (+40.8% YoY from ₹952 Cr in FY25); EBITDA margin expanded to 18.80% from 15.87% in FY25.^[2]

Foundry (Iron and Steel Castings) volumes

In FY25 vs FY24: Centricast Division sales rose to 15,358 MT from 13,879 MT; CCD to 8,914 MT from 8,691 MT; ACD declined to 15,067 MT from 15,978 MT; ECD to 7,314 MT from 8,031 MT.^[4]

Debt and financial structure

Secured debt stood at ₹2,117.92 Cr as at March 2026, down 22% YoY and ~63% from the FY20 peak of ₹5,759 Cr; Total Secured Debt/EBITDA improved to 1.55x from 2.83x in FY25.^[2]
Total Debt/Equity ratio improved to 0.78x in FY26 from 1.16x in FY25; net cash flow from operations was ₹1,367 Cr in FY26.^[2]
On 12 December 2025, old NCDs of ₹2,271 Cr (14.5% coupon + 3% additional) were redeemed and replaced with ₹1,800 Cr of new NCDs at 12.50% p.a., repayable over 72 monthly instalments from December 2025; ₹500 Cr working capital also availed at 11% p.a.^[4]

Expansion and capex

1.50 MTPA Straight-Grate Pellet Plant at Siltara, Raipur: appraised project cost ₹720 Cr (term debt ₹540 Cr, equity/internal accruals ₹180 Cr); financial closure achieved as of 01 Oct 2026; construction period 24 months.^[6]
Mid-term plan to enhance iron ore mining capacity to 7 MnTPA from the Chhotedongar mine.^[2][4]
Existing plant infrastructure can support doubling of steel capacity to 2 MnTPA when market conditions warrant.^[2][5]
Debottlenecking of existing facilities underway covering quality control, environmental works, road infrastructure, cost reduction, and value addition schemes.^[2]

Recent developments

01 Oct 2026: Financial closure achieved for 1.50 MTPA Straight-Grate Pellet Plant at Siltara, Raipur with all existing lenders' approval; sanctioned term debt of ₹540 Cr.^[6]
Dec 2025: Completed NCD refinancing - redeemed ₹2,271 Cr of old NCDs and issued ₹1,800 Cr of new NCDs at 12.50% p.a., reducing interest burden and resetting the debt maturity profile.^[4]
Aug 2024: Blast Furnace Category One Capital Repairs and Upgradation completed, with operations recommenced on 01 August 2024 and full stabilisation within three weeks, raising throughput from 1,850 tpd to over 2,600 tpd.^[2][4]
Leadership transition: Avneesh Jayaswal is serving as Executive Director responsible for operations, commercial, IT, HR, and modernisation of the integrated steel plant.^[4]

Market Cap

₹8,608 Cr

High / Low

₹117 / 65

Stock P/E

12.5

Price / Book

2.6

Book Value

₹29

EPS

₹4.8

No. of Shares

97.1 Cr

ROCE

20.7%

ROE

17.8%

OPM

14.5%

Debt / Equity

0.74

Sales

₹7,132 Cr

Net Profit

₹463 Cr

Promoter holding

55.1%

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